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Additional Information
Market: TSX, NYSE
Sector: General Mining
EPIC: TCK.B
Latest Price: 40.83  (-1.85% Descending)
52-week High: 63.22
52-week Low: 28.69
Market Cap: 23,741.90M
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Teck Resources
www.teck.com

Teck Resources is Canada’s largest diversified mining, mineral processing and metallurgical company. The company produces significant quantities of copper, metallurgical coal and zinc, and is a significant producer of gold, molybdenum and specialty metals, with interests in several oil sands development assets.

 

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Teck Resources raises C$1.74 bln in private placement to China’s CIC

3rd Jul 2009, 3:22 pm
Teck Resources raises C$1.74 bln in private placement to China’s CIC

Teck Resources Ltd (TSX, NYSE: TCK) said China Investment Corp has agreed to buy 101.3 million Class B subordinate voting shares of Teck for C$17.21 each, raising C$1.74 billion for Teck and giving CIC an indirect holding of 17.2 percent equity and a 6.7 percent voting interest in Teck.

Teck will use the money to reduce outstanding bank debt.

Upon completion of the transaction, Teck's Class A shareholders as a group will hold a 61.8 percent voting interest in Teck, with Temagami Mining Co Ltd holding a 28.5 percent voting interest.

Teck president and CEO Don Lindsay said: "This transaction will have an immediate and very positive effect on Teck's balance sheet, and represents an attractive opportunity for Teck to establish a relationship with a major Chinese financial investor, with a deep understanding of China, the world's largest consumer of our principal products."

CIC has advised Teck that it is acquiring the Class B shares for investment purposes as a long- term passive financial investor and has agreed to hold the purchased shares for at least one year following closing.

CIC has also agreed that after the one year hold period, it will not sell the purchased shares to a participant in the worldwide mining, metals or minerals industries, or to a material customer of Teck.

CIC is investing through a special purpose vehicle, Fullbloom Investment Corp. The transaction is expected to close around July 14 2009.
 

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